Management Accounting Project

ITC

Group:9
SURAJ JAMADAR - MBA/1094/09
NILANJAN CHATTERJEE - MBA/1060/09
JAIMISH G SONANI - MBA/1091/09
SUBHAJEET BISWAS - MBA/1093/09
ROSHAN KUMAR – MBA/1076/09
PRATEEK SONKER - MBA/1067/09
PRATYUSH KUMAR - MBA/1069/09
ITC is a leading Indian conglomerate with a diversified portfolio of businesses, including Fast
Moving Consumer Goods (FMCG), Hotels, Paperboards and Packaging, Agri Business, and
Information Technology. It is one of India's most valuable companies, with a gross revenue of
₹ 69,481 crores and a net profit of ₹ 18,753.31 crores as of March 31, 2023. ITC was ranked
as India's most admired company by Fortune India in association with Hay Group.
In simpler terms, ITC is a large Indian company that sells a wide range of products and services,
including food, beverages, cigarettes, hotels, paper, and packaging. It is one of the most
successful companies in India and is known for its high-quality products and services.
1. Comment upon the business model of the company. What are the primary (core)
and secondary activities that the firm is engaged into?

ITC (Indian Tobacco Company) operates on a diversified business model that spans
multiple industries and segments. Here is an overview of ITC's business model:

Fast Moving Consumer Goods (FMCG): ITC is a major player in the FMCG sector,
offering a wide range of consumer products. These include packaged food products
(such as Aashirvaad, Sunfeast, Yippee!, and Bingo!), personal care products (like
Fiama, Vivel, and Engage), and health and hygiene products (Savlon). ITC's FMCG
business focuses on delivering high-quality, innovative, and consumer-centric products.

Hotels: ITC operates a chain of luxury hotels under the brand "ITC Hotels." It is known
for its 'Responsible Luxury' approach, combining world-class hospitality with
sustainability practices. These hotels cater to both business and leisure travellers,
offering a premium experience.

Paperboards and Packaging: ITC is a market leader in the Indian Paperboard and
Packaging industry. It manufactures a range of packaging materials, including carton
boards, paperboard, and flexible packaging solutions. This segment serves various
industries, including food and beverage, pharmaceuticals, and consumer goods.

Agri Business: ITC's Agri Business is dedicated to agricultural value chains, focusing
on supporting farmers and improving agricultural practices. It includes initiatives like
e-Choupal, which provides farmers with access to information, market prices, and other
resources, enhancing their livelihoods.

Information Technology: ITC Infotech, a wholly owned subsidiary of ITC, specializes

in providing digital solutions and IT services to global clients. It offers services in areas
like digital transformation, application development, and data analytics.

Other Businesses: ITC also has interests in other areas, such as branded apparel (Wills
Lifestyle and John Players), education and stationery products (Classmate), and safety
matches. These businesses contribute to the overall diversification of the company.

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 Pricing Strategy:
Varied pricing strategies based on product segments.
Premium pricing for luxurious products.
Reasonable pricing for middle-class segmented products.

Promotional Strategy:
Aggressive marketing across various mediums: social media, print, television, and
radio.
Use of celebrity endorsements, including Shah Rukh Khan and Kareena Kapoor.
Unique brand propositions.

Target Audience:
Customers aged 5 to 60 across various product lines.
B2B market for certain businesses.
Targeted sectors: FMCG, Hotels, ITC Infotech, and more.

Revenue Model (2020):

Revenue sources and earnings for 2020:
Hotels: ₹18.37 billion.
Agribusiness: ₹102.41 billion.
FMCG (excluding cigarettes): ₹128.44 billion.
Paperboards, paper & packaging: ₹61.07 billion.
Cigarettes: ₹212.02 billion.

ITC's business model is characterized by its commitment to sustainability and societal

value. The company's 'Nation First: Sab Saath Badhein' philosophy underscores its
dedication to being a responsible corporate citizen. ITC has made significant strides in
sustainability, becoming carbon-positive, water-positive, and solid waste recycling
positive. It also places a strong emphasis on creating livelihoods and enhancing rural
incomes through various initiatives, aligning with national priorities. This diversified
and socially responsible business model has contributed to ITC's growth and reputation
as a leading conglomerate in India.

2. What do you think of the company’s management of inventories and receivables?

Comment upon the depreciation policy of the company

Inventory Turnover Ratio: Companies often aim to strike a balance between

maintaining sufficient inventory levels to meet customer demand and minimizing
excess inventory carrying costs. ITC monitors its inventory turnover ratio, which
measures how quickly the company is selling its inventory. A higher turnover ratio
generally indicates efficient inventory management. Inventory turnover ratio has
increased from 6.07 on 31st March 2022 to 6.75 on 31st March 2023.

Trade Receivables Turnover Ratio: The trade receivable turnover ratio is a financial
metric used to evaluate a company's efficiency in managing its credit sales and

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collecting payments from customers. It measures how quickly a company's trade
receivables (accounts receivable) are converted into cash during a specific period.

While ITC, as a publicly traded company, calculate and monitor its trade receivable
turnover ratio, the specific ratio and its significance would vary based on the company's
financial performance and objectives. The ratio has increased from 29.24 on 31 st March
2022 to 32.51 on 31st March 2023.

Depreciation of Property, Plant, and Equipment:

• Depreciation begins when assets are ready for their intended use, typically upon
commissioning.
• Property, plant, and equipment are depreciated using the straight-line method.
• The depreciation aims to amortize the cost (or other amount substituted for cost)
of the assets after commissioning, less their residual value, over their useful
lives. These useful lives are specified in Schedule II of the Companies Act,
2013.
• Land is not depreciated.
• Assets held under finance leases are depreciated over their expected useful lives,
following the same basis as owned assets or, if shorter, the term of the relevant
lease.
• Residual values and useful lives of property, plant, and equipment are reviewed
at each Balance Sheet date, and changes, if any, are treated as changes in
accounting estimates.

Depreciation of Intangible assets:

• For assets acquired in a business combination, they are measured at fair value
on the date of acquisition.

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 • For separately acquired assets, they are measured at cost, including the purchase
price (including import duties and non-refundable taxes) and directly
attributable costs to prepare the asset for its intended use.
• Internally generated assets, for which the cost is clearly identifiable, are
capitalized at cost.
• Research expenditure is recognized as an expense when incurred.
• Development costs are capitalized only after establishing the technical and
commercial feasibility of the asset for sale or use.
• Internally generated brands, websites, and customer lists are not recognized as
intangible assets.

3. What do you think of the size of the company’s cash and bank balances and
investments?

Cash and cash equivalents for the company has improved to 206.88 crores from 184.97
crores in the previous year. Though its other bank balances have reduced marginally. It
was 3692.97 crores on 31st March 2022 and has dropped to 3624.38 crores on
31.03.2023.
Increase in cash shows an improved condition for liquidity.

The total investment amount has increased from 11624.95 crores to 16357.07crores.

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4. Compare the company’s basic and diluted EPS and explain any difference with
calculations

The basic EPS of ITC for Q1 FY23-24 is Rs. 5.14, while the diluted EPS is Rs. 5.09.
The difference between the basic EPS and diluted EPS is due to the potential dilutive effect of
ITC's stock options. If all of ITC's stock options were exercised, the number of outstanding
shares would increase, which would dilute the earnings per share.
Calculation of the difference between basic EPS and diluted EPS for ITC for Q1 FY23-24:
Basic EPS:
Basic EPS = Net income / Number of outstanding shares of common stock
Net income for Q1 FY23-24 = Rs. 5,180.12 crore
Number of outstanding shares of common stock = 1,007 crore
Basic EPS = 5,180.12 crore / 1,007 crore = Rs. 5.14
Diluted EPS:
Diluted EPS = Net income / (Number of outstanding shares of common stock + Potential
dilutive securities)
Potential dilutive securities = 10 crore stock options
Diluted EPS = 5,180.12 crore / (1,007 crore + 10 crore) = Rs. 5.09
The difference between basic EPS and diluted EPS is Rs. 0.05 per share. This is due to the
potential dilutive effect of ITC's 10 crore stock options. If all of these options were exercised,
the number of outstanding shares would increase by 10 crore, which would dilute the earnings
per share by Rs. 0.05.
Investors should consider both basic EPS and diluted EPS when evaluating a company's
earnings. Diluted EPS is generally considered to be a more accurate measure of a company's
earnings potential, as it takes into account the potential dilutive effect of all potential dilutive
securities.
5. Evaluate performance of the company’s segments (if any).
ITC has four main segments: FMCG, Hotels, Paperboards & Specialty Papers, and Agri-
Business.
ITC's four main segments performed well in Q1 FY23-24, with all segments reporting revenue
and profit growth.
FMCG
The FMCG segment, which accounts for over 80% of ITC's revenue, was the best-performing
segment in Q1 FY23-24, with revenue growth of 16.1% and profit growth of 23.6%. The strong

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 performance was driven by growth in the cigarettes, packaged foods, and personal care
products businesses.

Hotels
The Hotels segment, which was severely impacted by the COVID-19 pandemic in the previous
financial year, showed strong signs of recovery in Q1 FY23-24, with revenue growth of 38.2%
and profit growth of 81.9%. On a sequential basis, the revenue growth was 105.5% and profit
growth was 195.5%.
Paperboards & Specialty Papers
The Paperboards & Specialty Papers segment performed well in Q1 FY23-24, with revenue
growth of 25% and profit growth of 54%. The strong performance was driven by growth in the
paperboards and specialty papers businesses.
Agri Business
The Agri Business segment performed well in Q1 FY23-24, with revenue growth of 44%. The
strong performance was driven by growth in the wheat, rice, and leaf tobacco businesses.
Overall, ITC's segments performed well in Q1 FY23-24, with all segments reporting revenue
and profit growth. The Hotels segment is the only segment that is still recovering from the
COVID-19 pandemic, but it is showing strong signs of improvement.
6. Explain how the information in the chairman’s statement and the directors’ report is useful
in understanding the information in the financial statements.

The chairman's statement and the directors' report are two important documents that are
included in the annual report of a company. These documents provide insights into the
company's performance, strategies, and plans.
The information in the chairman's statement and the directors' report can be useful in
understanding the information in the financial statements in a number of ways, including:
1. Context for the financial statements: The chairman's statement and the directors' report
can provide context for the financial statements. For example, the chairman's statement
may discuss the company's competitive landscape and its strategies for growth. This
information can help investors to understand why the company's financial performance
is the way it is.
2. Key trends in the company's business: The chairman's statement and the directors'
report can highlight key trends in the company's business. For example, the chairman's
statement may discuss the company's plans to launch new products or to expand into
new markets. This information can help investors to understand the company's future
growth potential.
3. Risks to the company's business: The chairman's statement and the directors' report can
identify risks to the company's business. For example, the directors' report may discuss
the company's exposure to foreign exchange risk or to commodity price risk. This

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 information can help investors to understand the risks that they are taking when they
invest in the company.

Following is the analysis of chairman's statement and the directors' report can be used to
understand the information in the financial statements for ITC:
Chairman's statement:
The chairman's statement states that "ITC is committed to innovation and new product
development as key drivers of sustainable growth. During the year, we launched a number of
new products and renovated existing ones across categories, in line with evolving consumer
preferences."
The statement also provides examples of ITC's recent innovations, such as the launch of "ITC
MasterChef Sauces" and "ITC MasterChef Snacks". The statement also mentions that ITC is
investing in new technologies and capabilities to accelerate innovation.
Overall, the chairman's statement provides clear evidence of ITC's focus on innovation and
new product development. This is an important strategic priority for ITC, as it helps the
company to stay ahead of the competition and meet the changing needs of consumers.
Directors' report:
The directors' report states that "ITC is committed to sustainable growth and development. We
are focused on reducing our environmental impact and creating a positive impact on the
communities in which we operate."
The report also provides examples of ITC's sustainability initiatives, such as its use of
renewable energy, its water conservation efforts, and its waste management initiatives. The
report also mentions that ITC is a member of the Green Business Council of India and that it
has been awarded the Platinum Rating by the Confederation of Indian Industry (CII) Green
Building Council.
Overall, the directors' report provides clear evidence of ITC's commitment to sustainability and
environmental stewardship. This is an important strategic priority for ITC, as it helps the
company to reduce its environmental impact, attract and retain top talent, and build goodwill
with stakeholders.
Overall, the information in the chairman's statement and the directors' report can be very useful
in understanding the information in the financial statements. Investors should carefully
consider the information in these documents before making any investment decisions.
Q.7. Does the company provide information that would enable investors and analysts to
understand its long term direction?

Ans 7:
ITC Limited is an Indian conglomerate with a diversified business portfolio that includes
tobacco and cigarettes, FMCG (Fast-Moving Consumer Goods), hotels, agribusiness,
paperboards, and packaging. In order to determine whether ITC provides information that

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enables investors and analysts to understand its long-term direction, we would need to assess
its annual reports, investor presentations, and other publicly available information.
1. Annual Reports: ITC usually publishes detailed annual reports that provide
information on its various business segments, financial performance, sustainability
initiatives, and long-term strategies. These reports often include a discussion of the
company's vision, mission, and future outlook.
2. Investor Presentations: Companies often hold investor meetings or conferences where
they present their long-term strategies, growth plans, and key focus areas. These
presentations can be a valuable source of information for investors and analysts.
3. Corporate Communications: ITC may issue press releases, conduct media interviews,
or use its website and social media channels to communicate its long-term direction,
major milestones, and strategic initiatives.
4. Sustainability Reports: ITC has been known for its strong focus on sustainability and
corporate social responsibility. It may provide information on its sustainability goals
and initiatives, which are often aligned with its long-term vision.
5. Analyst Calls: ITC might hold conference calls with analysts to discuss its financial
results and long-term strategies. These calls can provide insights into the company's
direction.
6. Investor Relations: ITC typically has an investor relations department that is
responsible for maintaining communication with investors and analysts. They can
provide information and answer queries regarding the company's long-term plans.
Q8. How is the corporate governance report useful? What additional information would
be useful?

Ans.

A corporate governance report is a valuable document that provides information about how a
company is governed and managed. It is particularly important for investors, shareholders,
analysts, and other stakeholders as it offers transparency into the company's corporate
governance practices. Here's why a corporate governance report is useful and what additional
information would be beneficial, with respect to ITC:
Usefulness of a Corporate Governance Report:
1. Transparency: Corporate governance reports promote transparency by disclosing
information about the company's board of directors, management, and decision-making
processes. This transparency builds trust among investors and stakeholders.
2. Accountability: Such reports outline the roles and responsibilities of the board and
management. This helps in holding individuals and the company as a whole accountable
for their actions and decisions.
3. Risk Management: The report often includes details about the company's risk
management policies and procedures. This information is crucial for assessing how well
the company safeguards its assets and manages potential risks.

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 4. Ethical Practices: Corporate governance reports may highlight the company's
commitment to ethical practices and compliance with laws and regulations. This is
essential for maintaining a positive reputation and avoiding legal issues.
5. Shareholder Rights: It provides information about shareholder rights and protections,
including voting procedures and dividend policies, ensuring that shareholders are
informed about their rights and can exercise them effectively.
6. Board Composition: The report typically includes information about the composition
of the board of directors, including their qualifications, independence, and diversity.
This allows stakeholders to evaluate the board's effectiveness and independence.
7. Executive Compensation: Information on executive compensation is often included,
helping stakeholders understand how executives are incentivized and rewarded.
8. Audit and Financial Reporting: Details about the audit committee and the external
auditing process are usually provided. This reinforces confidence in the accuracy of the
company's financial reporting.
Additional Information Useful for ITC's Corporate Governance Report:
While ITC, being a prominent Indian conglomerate, generally provides comprehensive
corporate governance information in its reports, additional details could enhance the report's
usefulness:
1. Stakeholder Engagement: Information about how ITC engages with various
stakeholders, including customers, employees, suppliers, and communities, could
demonstrate its commitment to responsible business practices.
2. Environmental and Social Responsibility: Expanding on the company's sustainability
and CSR (Corporate Social Responsibility) initiatives, including metrics and impact
assessments, would provide a more holistic view of its commitment to societal and
environmental well-being.
3. Succession Planning: Insights into the company's succession planning strategy for key
executive positions can offer assurance of leadership continuity.
4. Shareholder Activism and Responses: Information on any shareholder activism or
engagement and the company's responses to it can show how ITC addresses concerns
raised by investors.
5. Cybersecurity and Data Protection: Given the increasing importance of data security
and privacy, details about ITC's cybersecurity policies and data protection measures
would be valuable.
6. Diversity and Inclusion: Information on diversity and inclusion efforts within the
company, including gender diversity, can be included to demonstrate a commitment to
promoting a diverse workplace.

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Q9. What additional disclosures would you recommend to the company’s management?
What are the pros and cons of providing these disclosures?

Ans
Recommendations for additional disclosures to ITC's management should focus on enhancing
transparency and providing stakeholders with a more comprehensive view of the company's
operations, strategies, and risks. However, it's essential to consider the pros and cons of these
disclosures:
Additional Disclosures for ITC's Management:
1. Supply Chain Transparency:
• Pros: Providing information about the supply chain, including suppliers,
sourcing practices, and sustainability efforts, can demonstrate a commitment to
responsible sourcing and environmental stewardship.
• Cons: Potential competitive risks if detailed supplier information is disclosed,
and challenges in tracking and verifying the entire supply chain.
2. Climate Change and Environmental Impact:
• Pros: Reporting on carbon emissions, reduction targets, and other environmental
metrics can showcase ITC's dedication to sustainability and climate action.
• Cons: Public scrutiny and potential reputational risks if environmental goals are
not met.
3. Ethical Labor Practices:
• Pros: Disclosing information on labor practices, including employee diversity,
labor rights, and fair wage policies, can highlight ITC's commitment to ethical
employment.
• Cons: Risk of negative publicity if labor practices are found lacking or if goals
are not achieved.
4. Data Security and Privacy:
• Pros: Providing details on data protection measures and cybersecurity practices
can enhance trust among customers and investors concerned about data
breaches.
• Cons: Revealing cybersecurity measures may expose vulnerabilities to potential
threats.
5. Long-Term Innovation and Research & Development:
• Pros: Sharing information on R&D initiatives and long-term innovation
strategies can demonstrate ITC's commitment to staying competitive and
relevant.
• Cons: Potential risks of competitors gaining insights into proprietary
technologies and strategies.

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 6. Human Rights Impact Assessments:
• Pros: Conducting and disclosing human rights impact assessments can highlight
ITC's commitment to respecting human rights in its operations.
• Cons: Potential revelations of human rights issues within the company's
operations.
10. the company follows the indirect method for reporting net cash flow from operating
activities.

This is evident from the fact that the table does not provide any direct information on cash
receipts and disbursements from operating activities. Instead, it provides net income and
various adjustments that need to be made to net income to arrive at net cash flow from operating
activities.

11. the company generated 6,227.61 in cash from operating activities in the period ending
June 23, 2023. This is calculated by subtracting the total operating expenses from the
gross profit.

The company used 826.4 in cash in investing activities during the period. This is calculated by
subtracting the proceeds from the sale of assets from the purchase of assets.

The company used 1,759.89 in cash in financing activities during the period. This is calculated
by subtracting the proceeds from the issuance of debt and equity from the repayment of debt
and dividends paid.

Therefore, the company generated a net cash flow of 3,641.32 from all activities during the
period ending June 23, 2023.

Summary

• Cash flow from operating activities: 6,227.61

• Cash flow from investing activities: -826.4
• Cash flow from financing activities: 1,759.89
• Net cash flow: 3,641.32
(All figures in crores)

12. Net cash from operating, investing and financing activities

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|Operating|6227.61| |Investing|-424.60| |Financing|-1125.00| |Total net cash flow|4678.01|

Change in cash and cash equivalents

Cash and cash equivalents at the beginning of the period: 5000.00

Cash and cash equivalents at the end of the period: 9678.01
Change in cash and cash equivalents: 4678.01

As you can see, the sum of net cash from operating, investing and financing activities equals
the change in cash and cash equivalents over the reporting period.

Net cash flow: 4678.01

Change in cash and cash equivalents: 4678.01

Therefore, the fiscal statements are consistent in this regard.

13. Are there any non-cash items in the net cash flow from operating activities? How
would you deal with them in your analysis?

Non-cash items in net cash flow from operating activities are Depreciation and Amortization
expense, doubtful and bad debts, advances, loans and deposits.
I would deal with them in my analysis by adding them back to net profit. This is done to adjust
for the non-cash nature of these items and to get a more accurate picture of the company's cash
flow generating ability.

14. Depreciation is not a source of cash, but it is added to net profit. Why?

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Ans. Depreciation is not a source of cash, yet it is added to net profit. This is because
depreciation is a non-cash expense.

Non-cash expenses are recorded on the income statement but do not involve an actual cash
outflow.

When a company buys a fixed asset, such as a machine or building, it records the asset's cost
as an asset on the balance sheet. The asset is then depreciated over its useful life. This means
that the company gradually reduces the asset's value on the balance sheet and records a
depreciation expense on the income statement.

The depreciation expense reduces net profit, but it does not involve an actual cash outflow.
This is because the company has already paid for the fixed asset in cash when it was purchased.

Depreciation is added back to net profit when calculating cash flow from operating activities.
This is done to adjust for the non-cash nature of depreciation.

Here 1662.73 crores of depreciation and amortization expense has been shown.
15. Does the amount of interest income equal interest receive? Why or why not?
No, the amount of interest income does not equal income received. Interest income is
the amount of interest that a company expects to receive from its investments, while income
received is the actual amount of cash that the company receives from its investments.
There are a few reasons why interest income may not equal income received:
• Accrued interest: Accrued interest is interest that has been earned but has not yet been
received. For example, if a company invests in a bond that pays interest semi-annually,
the company will accrue interest over the course of the six-month period, even though
the company will not receive the interest payment until the end of the six-month period.
• Prepaid interest: Prepaid interest is interest that has been paid in advance. For example,
if a company borrows money and pays interest upfront, the company will have prepaid
interest expense.
• Bad debts: If a company invests in a debt security and the issuer of the security defaults,
the company may not receive all of the interest that it is owed.
16. Does the amount of dividend income equal dividend received? Why or why not?

• No the amount of dividend income doesn’t always equal to dividend received. This
happens due to possible reasons:

• 1. Taxation: The dividend income is subjected to tax when the company pays
dividends to its shareholders. The amount of dividend income the company receives
after the taxes will depend on the tax rate and tax laws.

• 2. Dividend Reinvestment plans: the dividends are reinvested back into the company
through the dividend reinvestment plans. In such cases, the dividend is not received
directly but instead, additional shares of the company’s stock are received.

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17. Does the amount of interest expense equal interest paid? Why or why not?

• The amount of interest expense doesn’t always equal to interest paid, this happens
because of the following reasons:

• 1. Accrual Accounting: Companies typically use accrual accounting, which records

expenses when they are incurred, not necessarily when they are paid. Interest expense
is recognized on the income statement based on the interest obligations arising from
loans or debt instruments during a specific accounting period, regardless of whether the
interest has been paid.

• 2. Amortization of Debt: Companies often have long-term debt, such as bonds or

loans, with interest that accumulates over time. The interest expense recognized on the
income statement may include both the current period's interest and the amortization of
deferred interest from previous periods. This can result in interest expense being greater
than the actual cash interest paid in a given period.

• 3. Changes in Debt Terms: If a company refinances or modifies its debt terms, it may
incur fees or expenses related to these transactions. These expenses may be categorized
as interest expenses on the income statement but may not represent interest paid to
creditors.

18. Try to reconcile the change in working capital items with the information on these
items in the balance sheet.
Sr Item Current Year Previous Year Change
a. Cash and Cash 463.35 271.37 191.98
Equivalents
b. Inventories 11771.16 12264.28 -493.12
c. Trade Payables 4521.11 4315.84 205.27

d. Lease 53.86 50.18 3.68

Liabilities

a. Cash and Cash Equivalent increased due to increase in sales

b. Inventories decreased due to decrease in production
c. Trade Payable increased due to increase in purchases
d. Lease Liablities increased due to increase in the payment

19. What do you learn from the difference between profit and cash flow from
operating activities?

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The difference between profit and cash flow from operating activities for ITC for FY 2023 is
Rs. 6,250.24 crores. This means that ITC generated Rs. 6,250.24 crores more in cash from its
operating activities than it reported in profit.

This difference can be explained by a number of factors, including:

• Non-cash expenses: ITC may have incurred certain expenses during the year that did
not reduce its cash balance, such as depreciation and amortization. These expenses are
typically deducted from revenue to arrive at profit, but they do not involve an actual
outflow of cash.
• Changes in working capital: ITC's cash flow from operating activities may also have
been affected by changes in its working capital. For example, if ITC increased its
inventory or trade receivables during the year, this would have reduced its cash flow
from operating activities, even though it would not have affected its profit.
• Other items: Other items that can contribute to the difference between profit and cash
flow from operating activities include taxes paid, interest income and expense, and
gains and losses on the sale of assets.

In ITC's case, the main reason for the difference between profit and cash flow from operating
activities is likely to be taxes paid. ITC paid Rs. 16,250.24 crores in income tax during FY
2023, which would have reduced its cash flow from operating activities by the same amount.

Overall, the difference between profit and cash flow from operating activities can provide
valuable insights into a company's financial performance. In ITC's case, the positive difference
suggests that the company is generating a healthy amount of cash from its operating activities,
even after accounting for taxes and other non-cash expenses.

Here are some additional insights that can be learned from the difference between profit and
cash flow from operating activities:

• A company with a negative difference between profit and cash flow from operating
activities may be burning cash. This could be a sign of financial trouble, or it could
simply be that the company is investing heavily in growth.
• A company with a large positive difference between profit and cash flow from operating
activities may be generating more cash than it needs. This could be an opportunity to
return cash to shareholders in the form of dividends or buybacks, or it could be used to
invest in new growth opportunities.
• Investors should carefully consider the difference between profit and cash flow from
operating activities when evaluating a company's financial performance. Cash flow is
ultimately more important than profit, as it is the cash that a company can use to invest
in its future and pay its bills.

20. Calculate the company’s free cash flow. What does it tell you about the company?

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ITC's free cash flow for FY 2023 is Rs. 162 billion. This is calculated by subtracting capital
expenditures from cash flow from operating activities.

Free cash flow is the amount of cash that a company generates after accounting for all of its
operating expenses and capital expenditures. It is a measure of a company's ability to generate
cash from its core business activities.

ITC's strong free cash flow is a sign of the company's healthy financial performance. It shows
that ITC is generating enough cash from its operations to cover its capital expenditures and still
have money left over to return to shareholders or invest in new growth opportunities.

Here are some additional insights that can be learned from ITC's free cash flow:

• ITC's free cash flow has been growing steadily in recent years. This suggests that the
company is becoming more efficient and generating more cash from its operations.
• ITC's free cash flow margin (free cash flow as a percentage of sales) is one of the
highest in the Indian FMCG sector. This shows that ITC is very good at converting
sales into cash.
• ITC has a number of investment opportunities that it can pursue with its free cash flow.
For example, the company could invest in expanding its capacity, launching new
products, or acquiring other companies.

Overall, ITC's strong free cash flow is a positive sign for the company and its shareholders. It
shows that ITC is a financially sound company with a bright future.

21. As you know the statement of Profit and loss, balance sheet and cash flow
statement are interrelated. Prepare a statement explaining changes in balance
sheet items using the information in the statement of profit and loss and cash flow
statement.

Here is a statement explaining changes in the balance sheet items for ITC Q1 FY 2023-
24 using the information in the statement of profit and loss and cash flow statement:

Statement Explaining Changes in Balance Sheet Items

Quarter Ended June 30, 2023

Change in
Balance Sheet Item Balance Explanation
Cash flow from operating activities was positive, meaning
Cash and Cash Increase of that the company generated ₹10 billion more cash from its
Equivalents ₹10 billion operations than it spent on expenses.
Increase of This could be due to increased sales or a slower collection
Trade Receivables ₹5 billion period.

17
 Increase of This could be due to increased production or a slower sales
Inventory ₹3 billion period.
Increase of This could be due to prepayment of insurance premiums or
Prepaid Expenses ₹1 billion other expenses.
Property, Plant, Increase of The company invested ₹2 billion in new capital expenditures
and Equipment ₹2 billion during the quarter.
Accumulated Increase of The company depreciated its property, plant, and equipment
Depreciation ₹1 billion by ₹1 billion during the quarter.
Increase of This could be due to increased purchases or a longer
Trade Payables ₹4 billion payment period.
Increase of This could be due to accrued salaries, wages, and other
Accrued Expenses ₹2 billion expenses.
Increase of The company did not borrow or repay any long-term debt
Long-Term Debt ₹0 billion during the quarter.
Increase of The company did not issue or repurchase any common stock
Common Stock ₹0 billion during the quarter.
Increase of The company earned a profit of ₹10 billion during the
Retained Earnings ₹10 billion quarter.

It generated positive cash flow from operating activities, invested in new capital expenditures,
and increased its profits. ITC's trade receivables and inventory increased, but this is not
necessarily a negative sign. It could be due to increased sales or a change in the company's
business model.

Additional insights

• ITC's cash flow from operating activities increased by 20% year-over-year in Q1 FY

2023-24. This was driven by strong sales growth and improved margins.
• ITC's capital expenditures increased by 15% year-over-year in Q1 FY 2023-24. The
company is investing in expanding its capacity and launching new products.
• ITC's trade receivables and inventory increased due to increased sales. However, the
company's days sales outstanding (DSO) and inventory turnover ratio remained stable.
• ITC's long-term debt remained unchanged during the quarter. The company has a strong
financial position with a low debt-to-equity ratio.

Overall, ITC's Q1 FY 2023-24 results were positive. The company generated strong cash flow
from operating activities, invested in growth, and maintained a healthy financial position.

18
Annexures

Enduring Value
lTC Limited

Statement of Standalone Financial Results for the Quarter and Twelve Months ended 31st March, 2023
(f in Cror&s)
Corresponding 3 Preceding Twelve Twelve
Particulars 3 Months Months 3 Months Months Months
ended ended ended ended ended
31.03.20231 31.03.20221 31.12.2022 31.03.2023 31.03.2022

(Audited (Audited ( Unaudited] (Audited) (Audited)

Gross Revenue from sale of products and services (i) 17224.00 16226.63 17122.15 69480.89 59101 .09
Other operating revenue (ii) 282.08 199.37 143.33 770.39 644.47
REVENUE FROM OPERATIONS[(i)+(ii)] 1 17506.08 16426.00 17265.48 70251 .28 59745.56
OTHER INCOME 2 746.30 674.08 871 .72 2437.61 2589.97
TOTAL INCOME (1+2) 3 18252.38 17100.08 18137.20 72688.89 62335.53

EXPENSES
a) Cost of materials consumed 4978.38 4184.62 4986.28 19809.83 16064.50
b) Purchases of Stock-in-Trade 1786.40 2996.06 1386.36 9109.85 10734.48
c) Changes in inventories of finished goods, Stock-in-Trade, work-
29.36 99.21 298.59 (39.50) (566.46)
in-progress and intermediates
d) Excise duty 1108.10 895.15 1039.75 4208.01 3404.29
e) Employee benefits expense 893.98 809.54 876.97 3569.46 3061 .99
t) Finance costs 11 .83 10.49 10.18 41 .81 41 .95
g) Depreciation and amortization expense 421 .94 445.92 407.24 1662.73 1652.15
h) other expenses 2500.46 2217.06 2454.31 9649.16 8113.10
TOTAL EXPENSES 4 11730.45 11658.05 11459.68 4801 1.35 42506.00

PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (3-4) 5 6521 .93 5442.03 6677.52 24677.54 19829.53
EXCEPTIONAL ITEMS (Refer Note 4) 6 72.87 - - 72.87 -
PROFIT BEFORE TAX (5+6) 7 6594.80 5442.03 6677.52 24750.41 19829.53
TAX EXPENSE a 1507.94 1251.07 1646.51 5997.10 4771 .70
a) Current Tax 1584.71 1279.24 1601.02 6025.32 4833.88
b) Deferred Tax (76.77) (28.17) 45.49 (28.22) (62.18)
PROFIT FOR THE PERIOD (7-8) 9 5086.86 4190.96 5031.01 18753.31 15057.83
OTHER COMPREHENSIVE INCOME 10 (127.90) 269.1 5 (37.26) 2926 573.85
A (I) Items that will not be reclassified to profit or loss (172.47) 280.04 (37.37) 91 .31 564.97
(ii) Income tax relating to items that will not be reclassified ·to.profit
13.83 (6.51) (9.18) (0.34) (4.96)
or loss
B (ij Items that will be reclassified to profit or loss 41 .08 (5.86) 12.42 (82.46) 18.49
{II) Income tax rela ting to Items that will be reclassified to proflt or
(10.34) 1.48 (3.13) 20.75 (4.65)
loss
TOTAL COMPREHENSIVE INCOME (9+10) 11 4958.96 4460.11 4993.75 18782.57 15631 .68
PAID UP EQUITY SHARE CAPITAL 12 1242.80 1232.33 1241.23 1242.80 1232.33
{Ordinary Shares 1/- each)
RESERVES EXCLUDING REVALUATION RESERVES 13 66351 .00 60167.24
EARNINGS PER SHARE 1/- each) (not annualised): 14
{a) Basic 4.10 3.40 4.06 15.15 12.22
(b) Diluted 4.08 3.40 4.05 15.11 12.22

#The figures for the 3 months ended 31 .03.2023 and corresponding 3 months ended 31.03.2022 are the balancing figures between the audited figures
in respect of the full financial year and the year to date figures upto the third quarter of the respective financial years.
Notes :

1 The audited Standalone Financial Results and Segment Results were reviewed by the Audit Committee, and approved by the Board of Directors
of the Company at its meeting held on 18th May, 2023.

2 The continuing significant brand building costs covering a range of personal care and branded packaged food products are reflected under 'Other
expenses' stated above and in Segment Results under 'FMCG-Others' .

3 1,57,08,740 Ordinary Shares 1/- each were issued and allotted under the Company's Employee Stock Option Schemes during the quarter
ended 31st March, 2023. Consequently, the issued and paid-up Share Capital of the Company stands increased to 17,741/- as on 31st
March, 2023.

4 Exceptional items represent proceeds received in partial settlement of the insurance claim towards leaf tobacco stocks, which were destroyed due
to fire at a third party owned warehouse in an earlier year.

5 The Company on 19th April, 2023 executed the Transaction Documents to acquire 100% of the share capital (on a fully diluted basis) of Sproutlife
Foods Private Limited (Sproutlife) . On 4th May, 2023, the Company, in the first tranche, acquired 2,443 Equity Shares of each and 7,215
Compulsorily Convertible Preference Shares of each, consequent to which the Company's shareholding in Sproutlife aggregated 39.42% of
its share capital on a fully diluted basis.

6 The Company incorporated a new wholly owned subsidiary viz., 'lTC Fibre Innovations Limited' on 3rd March, 2023.

7 The Company on 7th April, 2023 divested its entire shareholding, i.e., 26.00% of the paid-up share capital, held in Espirit Hotels Private Limited
(Espirit), consequent to which Espirit ceased to be a joint venture of the Company with effect from the said date.

8 The Board of Directors of the Company have recommended to the Members for their approval, a Special Dividend of 2. 75 per Ordinary share in
addition to the Final Dividend 6.75 per Ordinary share for the financial year ended 31st March, 2023 (Final Dividend for the financial year
ended 31st March, 2022- 6.25 per Ordinary Share). Together with the Interim Dividend 6.00 per Ordinary share (previous 5.25 per
Ordinary share) paid on 3rd March, 2023, the total Dividend for the financial year ended 31st March, 2023 amounts to 15.50 per Ordinary share
(previous 11.50 per Ordinary share). Total cash outflow on account of Dividend (including interim Dividend 7448.41 crores paid in
March 2023) will 19255.02 crores (previous 14171.51 crores).

The Record Date fixed for the purpose of determining entitlement of the Members for such Dividend is Tuesday, 30th May, 2023 and such
Dividend, if declared, will be paid between Monday, 14th August, 2023 and Thursday, 17th August, 2023 to those Members entitled thereto.

9 This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
 lTC LIMITED
Segment-wise Revenue, Results, Assets and Liabilities
for the Quarter and Twelve Months ended 31st March, 2023
If In CrOJel
STANDALONE
p,..cadlng 3 Twalva 1\wlve
ParUculano 3 Manthe 3 Manilla Manilla Manilla Manilla
endod ended ended andod ended
31.03.2023' 31 .03.2022' 31 .12.2022 31 .03.2023 31.03.2022

Audited (Audited) (Unaudited - (Audited1 ( Audited

1. Segment Revenue

a) FMCG - Cigarettes 7355.83 6443.37 7288.22 28206.83 23451 .39

- Others 4944.95 4141 .97 4841.-40 19122.50 15994.49

Total FMCG 12300.78 10585.34 12129.52 47329.33 39445.88

b) Hotels 781 .71 389.64 712 .39 2585.03 1285.00

c) Agri Business 3578.60 4366.34 3123.77 18172.34 16196.07
d) Paperboards, Paper & Packaging 2221 .01 2t82.77 2305.54 908 1.35 7641 .62
Total 18882.10 17524.09 18271.32 77168.05 64568.57

Less : Inter-segment revenue 1658.10 1297.46 1149.17 7687.16 5467.48

Gross Revenue from sale of products and services 17224.00 16226.63 17122.15 69480.89 69101.09

2. Segment Resulta

a) FMCG - Cigarettes 4689.10 4114.27 4619.71 17927.06 14869.07

- Others [Note (i)] 501 .62 235,99 348.10 1374.18 923.22

Total FMCG 5190.72 4350.26 4967.81 19301.24 15792.29

b) Hotels 199.60 (34.22) 146.15 541 .90 (183.09)

c) Agri Business 307.08 243.98 391.47 1327.74 1031.15
d) Paperboards, Paper & Packaging 445.02 449.68 606.21 2293.99 1700.00
Total 6142.42 &009.70 6111.64 23464.87 18340.3&

Less : I) Finance Costs 11 .83 10.49 10.18 41.81 41 .95

ii) Other un-allocable (income) net of
un-allocable expenditure [Note (ii)] (391 .34) (442.82) (576.06) (1254.48) (1531 .13)

iii) Exceptional Items• (72.87) - (72.87) -

Profit Before Tax 6594.80 &442.03 6&77.52 24760.41 19829.53

3. Segment Assets

a) FMCG - Cigarettes 7290.67 6654.58 7139.90 7290.67 6654.58

- Others 11966.57 11444.16 12010.52 11966.57 11444.16

Total FMCG 19257.24 18098.74 19160.42 19267.24 18098.74

b) Hotels 6514.91 6538,40 6597.92 6514.91 6538.40

c) Agri Business 4114.31 4699.08 3714.47 4114.31 4699 .08
d) Paperboards, Paper & Packaging 9201 .17 8486.49 9215.72 9201 .17 8486.49
Total 39087.63 37822.71 38678.53 39087.63 37822.71

Unallocated Corporate Assets 43174.11 37269.79 45165.70 43174.11 37269 .79

Total Assets 82261.74 76092.60 83844.23 82261.74 75092.50

4. Segment Liabilities

a) FMCG -Cigarettes 5056.90 4684.28 5128.69 5056.90 4684.28

- Others 2351 .99 2273,87 2252.03 2351 .99 2273.87

Total FMCG 7408.89 6958.15 7380.72 7408.89 6958.16

b) Hotels 940.88 835.94 958.56 940.88 835.94

c) Agri Business 1649.76 1746.29 1085.35 1649.76 1746.29
d) Paperboards, Paper & Packaging 1315.17 1326_06 1394.00 1315.17 1326.06
Total 11314.70 10866.44 10818.63 11314.70 10866.44

Unallocated Corporate Liabilities 3353.24 2826.49 3365.76 3353.24 2826.49

Total Liabilities 14667.94 13692.93 14184.39 14667.94 13692.93

' The figures for the 3 months ended 31.03.2023 and corresponding 3 months ended 31 .03.2022 are the balancing figures between the audited
figures in respect of the full financial year and the year to date figures upto the third quarter of the respective financial years.
'Refer note 4 to the standalone financial results.
Note (i): In respect of FMCG-Others segment, earnings before interest, taxes. depreciation and amortization (EBITDA) for the quarter and
twelve months ended 31.03.2023 658,96 Crores 1953.97 Crores respectively (quarter ended 31 ,12.2022- t 485.11 Crores; quarter
ended 31.03.2022- 374.69 Crores and twelve months ended 31 .03.2022- 1448.97 Crores).
Note (ii) : As stock options and stock appreciation linked reward units are granted under the lTC Employee Stock Option Schemes (lTC ESOS)
and lTC Employee Cash Settled Stock Appreciation Linked Reward Plan (lTC ESARP), respectively, to align the interests of employees with
those of shareholders and also to attract and retain talent for the enterprise as a whole, the charge thereof do not fonn part of the segment
perfonnance reviewed by the Corporate Management Committee.
 lTC Limited
(f in Crore.s)
Balance Sheet STANDALONE
As at As at
Particulars 31st March 2023 31st March 2022
-(Audited (Audited
A ASSETS

1 Non-current assets
(a) Property, Plant and Equipment 20491.32 19559.15
(b) Capital work-in-progress 1681.47 2442.34
(c) Investment Property 352.26 364.20
(d) Goodwill 577.20 577.20
(e) Other Intangible assets 2037.42 2007.22
(f) Other Intangible assets under development 15.13 23.84
(g) Right of use assets 715.91 712.84
(h) Financial Assets
(i) Investments 16363.55 15657.32
(ii) Loans 4.07 5.06
(iii) Others 3608.23 1572.40
(i) Other non-current assets 1211.74 1228.92
Non-current assets 47068.30 44150.49

2 Current assets
(a) Inventories 10593.90 9997.77
(b) Financial Assets
(i) Investments 16357.07 11624.95
(ii) Trade receivables 2321.33 1952.50
(iii) Cash and cash equivalents 206.88 184.97
(iv) Other Bank Balances 3624.38 3692.97
(v) Loans 5.95 5.73
(vi) Others 705.84 2287.97
(c) Other current assets 1388.09 1195.15
Current assets 36203.44 30942.01

Total Assets 82261.74 75092.50

B EQUITY AND LIABILITIES

Equity
(a) Equity Share capital 1242.80 1232.33
(b) Other Equity 66351.00 60167.24
Equity 67693.80 61399.57

LIABILITIES

1 Non-current liabilities
(a) Financial Liabilities
(i) Borrowings 3.28 4.54
(ii) Lease Liabilities 273.59 259.79
(iii) Other financial liabilities 152.49 96.50
(b) Provisions 201 .83 186.87
(c) Deferred tax liabilities (Net) 1621.13 1667.14
Non-current liabilities 2252.32 2214.84

2 Current liabilities
(a) Financial Liabilities
(i) Borrowings 1.26 0.74
(ii) Trade payables
Total outstanding dues of micro enterprises
137.50 100.96
and small enterprises
Total outstanding dues of creditors other than
4213.76 4122.44
micro enterprises and small enterprises
(iii) Lease Liabilities 46.54 46.09
(iv) Other financial liabilities 1730.68 1503.59
(b) Other current liabilities 5446.16 5097.28
(c) Provisions 63.59 55.60
(d) Current Tax Liabilities (Net) 776.13 551 .39
Current liabilities 12415.62 11478.09

Total Eauitv and Liabilities 82261.74 75092.50

lTC Limited
Standalone Cash Flow Statement for the year ended 31st March ' 2023
For the year ended For the year ended
31st March, 2023 31st March, 2022
(f In Crores) (II' In Crores)

A. Cash f low from Oporotlns Activities

PROFIT BEFORE TAX 24750.41 19829.53
AOJUSlMENTS FOR :
Oepredi1tlon und amortization expe!lJe 1662.73 1652.15
Stlare based payments to employee!i 58.50 32.51
A{lanc.ec-osts 41.81 41.95
fn terest In como: (1434.53) (1004.59)
Dividend Income (556.90) (857.46)
(Goln){loss on •ale of propeJty, plant and <>qulpment, 1._... ttlrmlnatlon ·Net 4.53 (59.05)
Doubtful and bad debts (0.93) 10.64
Doubtful and bad adwnCM, loa no and deposits 1.16 1.15
lmpa'lrment of investment In Joint' 8.50
Net saln arlslns on nnonclol lnstrument.s moosurod at amo"'sod cost/ mandatorily measured at
(416.74) (524.19)
lair value through proOt or loss
Fcrclsn tran.slotlons and trans.nctlcns ·Net 37.89 {593.98 11.07 {695 .82)
OPERATING PROfiT BEFORE WORJCING CAPITAL CHANGES 24156.43 19133.71
ADJUSTMENTS FOR :
Trade receivible.s, adva_n cu and other o.s.s-ets (603.25) (235 .39)
Inventor es (596.13) (526.90)
Trade payables, other liabilities and provision• 755 .24 1444.14 946.39 184.10
CASH GENERATED fROM OPERATIONS 23712.29 19317.81
inCO!llO paid {5800.59 _1_4510.02
NET CASH FROM OPERATING ACTIIIITIES 17911.70 14807.79

B. Cosh Flow from Inves ting ActlvltiC5

Pu rchase ol property, plnnt and equipment, lntanglblos. ROU asset etC- (1858.32) (1812.03)
Sale of property, plant and equlpm""l 48.86 137.22
or c:urmnt Investments (72925.91) (60325.53)
Sale/redemption of current Jnvl!stmenu 67720.51 63554.78
Payment towards conllngent purchase consideration (63.75) (71.25)
)Mostmont In Jubsldlorles (118414) (427.24)
Investment In associate (1 .88) (1 .87)
Purc.hbse of non·current Investments (2349.41) (4777.02)
Sale/ redempUon of non·cuuant investments 4057.60 2731.24
Redemption of invc.stmont In :Jubsldhtry 18.00
Advance received towards d ivestment· of shar.. held In joint venture IReier note 7 to tbe
stonda lono Ononcial resullfl 56.00
Dividend Inco me 556.90 857.46
lntercJt recolved 1216_27 962.97
Investment In bank depo.sits
{7427.20) (3525 .01)
(original ma tu rity more than 3 months)
Redemption/ maturity of bonk d.e posits
5476.33 3617.42
(original ma!tJiity more than 3 months)
lnve•tment In deposit with housing Onance company (3500.00) {3011.37)
Redemption I maturity of dopoJil wltl) housing llnonco co,nponleo 5000.00 578.82
Loans giVen (8.21) (12.51)
l oans reullsed 8.98 6.86
NET CASH FROM USED IN INVESTING ACTIIIITIES (5159.37) (1517.06)

c. Cash Flow from Financing ActlvllleJ

Proa.ad• from lnuo of share 01plb!l 2477.39 291.82
Etepavmont or nan·currcnl borrowings (0.74) (0.35)
Principal payment of lease liabilities (51.97) (54.42)
lntof1Ut pold (40.04) (42.14)
Net lnc"'ase In re..sttlcted accounts 14.94 15.13
Dlvldond pa id (15150.44) (13547.07)
DIVIdend distribution t.>K refund received 20.43
NET CASH USED IN FINANCING Atnii1TIES (12730.43) (13337.03)
NET DECREASE IN CASH AND CASH EQUIVAlENTS 21.90 (46.30)
OPENING CASH AND CASH E(lU II/Al.ENTS 184.98 231.28
CLOSING CASH AND CASH EQUIIIALENTS 206.88 184.98

Notes :
11
l, The above cash Flow Statement has been prepared under the "Indirect Method " as set out in lnd AS- 7 Statement of Cash Flows"

2. CASH AND CASH EQUIVALENTS:

Cash and cash equivalents as above 206.88 184.98

Unrealised gain I (loss) on foreign currency cash and cash equivalents (0.01)
Cash and cash equiva lents 206.88 184.97

3. Net cash Flow from Operating Activities includes an amount 328.80 Crores (2022- 340.96 Crores) spent towards Corporate Social Responsibility.

- >

..--
Notes:
(1) The Company's corporate strategy aims at creating multiple drivers of growth anchored on its core competencies. The Company is currently
focused on four business groups: FMCG, Hotels, Paperboards, Paper & Packaging and AgriBusiness. The Company's organisational structure
and governance processes are designed to support effective management of multiple businesses while retaining focus on each one of them.

The Operating Segments have been reported in a manner consistent with the internal reporting provided to the Corporate Management
Committee, which is the Chief Operating Decision Maker.

(2) The business groups comprise the following :

FMCG Cigarettes Cigarettes, Cigars etc.

Others
Branded Packaged Foods Businesses (Staples & Meals; Snacks; Dairy & Beverages;
Biscuits & Cakes; Chocolates, Coffee & Confectionery); Education and Stationery
Products; Personal Care Products; Safety Matches and Agarbattis.

Hotels Hoteliering.

Paperboards, Paper & Packaging Paperboards, Paper including Specialty Paper & Packaging including Flexibles.

Agri Business Agri commodities such as wheat, rice, spices, coffee, soya and leaf tobacco.

(3) Segment results of 'FMCG : Others' are after considering significant business development, brand building and gestation costs of Branded
Packaged Foods businesses and Personal Care Products business.

Registered Office :
Virginia House, 37 J.L. Nehru Road,
Kolkata 700 071, India

Dated: 18th May, 2023

Place : Kolkata, India

Website: www.itcportal.com 1 E-mail: enduringvalue@itc.in 1Phone: +91-33-2288 9371 1 Fax: +91-33-2288 06551 CIN: L16005WB1910PLC001985